Union Financial, Another ILC Option, Still in the Works

SALT LAKE CITY - At press time leaders from CUNA Mutual, Corporate One, Card Services for Credit Unions and Certegy were meeting here to discuss their plans to create another credit union corporation to buy credit union card portfolios. Announced in the beginning of 2005, the new corporation is called...

By Staff Writer | January 24, 2006 at 07:00 PM

SALT LAKE CITY – At press time leaders from CUNA Mutual, Corporate One, Card Services for Credit Unions and Certegy were meeting here to discuss their plans to create another credit union corporation to buy credit union card portfolios. Announced in the beginning of 2005, the new corporation is called Union Financial Services Corporation, led by CEO Wallace Jensen. It too will be an ILC, and plans to be a monoline card-issuing bank whose card business is exclusively credit union-based.

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